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The accumulation by whales🐋🐋 despite the institutional ETF flow.
• ETH currently at $3,576, recovering from a 12% drop that coincided with a record outflow of $465M in ETFs.
• Whale holdings increased by 9% to surpass 41M ETH, with $600M acquired in early August ($282M in OTC and $300M through Galaxy Digital).
• The assets in ETH ETFs reached $20.07B, despite BlackRock's ETHA losing $375M.
• The Fear and Greed Index is at 52, neutral level.
Main Market Drivers
• Institutional vs. whale divergence: While ETFs show outflows, a significant wallet 0xF436 added $114M in ETH in 28 hours.
• Regulatory uncertainty from the SEC: The potential reclassification of liquid staking threatens innovation.
• Technical factors: The drop in Bitcoin's dominance to 61% suggests a rotation of capital towards ETH.
• Open interest reached $58B in July, indicating sustained institutional interest despite volatility.
